variable life insurance
A form of
whole life insurance under which the death benefit and the cash
value of the policy fluctuate according to the investment
performance of a separate account fund. Most variable life insurance
policies guarantee that the death benefit will not fall below a
specified minimum. A minimum cash value is seldom guaranteed.
Because the policy owner assumes investment risk under variable life
insurance policies, these products are considered securities
contracts. In the United States, variable life insurance policies
must be registered with the Securities and Exchange Commission
(SEC), and only agents who have passed the National Association of Securities Dealers (NASD)
examination may sell this product. In Canada, variable life insurance
policies are
considered life
insurance contracts, and agents do not need
a special license to sell these products. See also investment-sensitive
life insurance.
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